《大行報告》瑞銀首予飛鶴(06186.HK)及澳優(01717.HK)「買入」評級 H&H(01112.HK)評級「中性」
瑞銀發表報告,指飛鶴(06186.HK)為內地銷量第一的嬰幼兒配方奶粉營運商,2017至2020年銷售額的複合增長率為46%。市場份額從2017年的7%上升至去年的15%,主要由於在執行、渠道和品牌方面具優勢。
瑞銀看好飛鶴的市場份額增長,預計其2020至2023年度將實現24%的銷售複合增長率。隨著營運效率的提高,飛鶴將保持目前的高利潤率,認為目前的估值未反映其強大的長期增長潛力,因此給予「買入」評級,目標價為30.60元,相當於2021和2022年預測市盈率分別為30倍和25倍。
另外,該行認為澳優(01717.HK)未來三年將重回高增長軌道。澳優是國內領先的嬰幼兒配方奶粉公司,按去年的銷售額計算,其配方羊奶粉及配方牛奶粉,分別佔有40%和3.9%的市場份額,預計2020至2023年配方羊奶粉及配方牛奶粉年複合增長率分別為11%及20%,並預計同期淨利潤將達到21%的年複合增長率,並在2023年度達到17.84億元人民幣,給予「買入」評級,目標價為15元。
該行同時給予H&H(01112.HK)「中性」評級,目標價31.7元,認為其業務比內地其他嬰幼兒配方奶粉公司更多元化,在多個產品類別建立品牌,包括嬰兒營養品、嬰兒護理品、成人營養品、化妝品和寵物營養品,加上向海外擴張行動,預計將推動其中期銷售增長,但由於新渠道和新品類的營銷支出增加,可能令利潤率面臨壓力,預測2020至2023年度的銷售和淨利潤年複合增長率分別為9.7%和8.5%。
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